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The Zero-Interest-Rate and the Role of the Exchange Rate for Monetary Policy in Japan
Coenen, Guenter; Wieland, Volker - Center for Financial Studies - 2003
In this paper we study the role of the exchange rate in conducting monetary policy in an economy with near-zero nominal interest rates as experienced in Japan since the mid-1990s. Our analysis is based on an estimated model of Japan, the United States and the euro area with rational expectations...
Persistent link: https://www.econbiz.de/10010958771
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The Determinants of Debt and (Private-) Equity Financing in Young Innovative SMEs: Evidence from Germany
Schäfer, Dorothea; Werwatz, Axel; Zimmermann, Volker - Center for Financial Studies - 2003
Financial theory creates a puzzle. Some authors argue that high-risk entrepreneurs choose debt contracts instead of equity contracts since risky but high returns are of relatively more value for a loan-financed firm. On the contrary, authors who focus explicitly on start-up finance predict that...
Persistent link: https://www.econbiz.de/10005022424
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The Zero-Interest-Rate and the Role of the Exchange Rate for Monetary Policy in Japan
Coenen, Guenter; Wieland, Volker - Center for Financial Studies - 2003
In this paper we study the role of the exchange rate in conducting monetary policy in an economy with near-zero nominal interest rates as experienced in Japan since the mid-1990s. Our analysis is based on an estimated model of Japan, the United States and the euro area with rational expectations...
Persistent link: https://www.econbiz.de/10005022425
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How large is the housing wealth effect? A new approach
Carroll, Christopher D.; Otsuka, Misuzu; Slacalek, Jirka - Center for Financial Studies - 2006
This paper presents a simple new method for estimating the size of wealth effects on aggregate consumption. The method … exploits the well-documented sluggishness of consumption growth (often interpreted as habits in the asset pricing literature …) to distinguish between short-run and long-run wealth effects. In U.S. data, we estimate that the immediate (next …
Persistent link: https://www.econbiz.de/10010986368
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Mortgage markets, collateral constraints, and monetary policy: Do institutional factors matter?
Calza, Alessandro; Monacelli, Tommaso; Stracca, Livio - Center for Financial Studies - 2006
effects of monetary policy shocks on house prices and consumption in a sample of OECD countries. We document three facts: (1 … business cycle frequency, the correlation between consumption and house prices increases with the degree of flexibility …/development of mortgage markets; (3) the transmission of monetary policy shocks on consumption and house prices is stronger in …
Persistent link: https://www.econbiz.de/10010958674
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Mortgage Markets, Collateral Constraints, and Monetary Policy: Do Institutional Factors Matter?
Calza, Alessandro; Monacelli, Tommaso; Stracca, Livio - Center for Financial Studies - 2007
effects of monetary policy shocks on house prices and consumption in a sample of OECD countries. We document three facts: (1 … business cycle frequency, the correlation between consumption and house prices increases with the degree of flexibility …/development of mortgage markets; (3) the transmission of monetary policy shocks on consumption and house prices is stronger in …
Persistent link: https://www.econbiz.de/10005022449
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Learning, endogenous indexation and disinflation in the New-Keynesian model
Wieland, Volker - Center for Financial Studies - 2008
This paper introduces adaptive learning and endogenous indexation in the New-Keynesian Phillips curve and studies disinflation under inflation targeting policies. The analysis is motivated by the disinflation performance of many inflation-targeting countries, in particular the gradual Chilean...
Persistent link: https://www.econbiz.de/10011200313
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Investigating the Monetary Policy of Central Banks with Assessment Indicators
Bluhm, Marcel - Center for Financial Studies - 2011
This paper outlines a new method for using qualitative information to analyze the monetary policy strategy of central banks. Quantitative assessment indicators that are extracted from a central bank's public statements via the balance statistic approach are employed to estimate a Taylor-type...
Persistent link: https://www.econbiz.de/10009292856
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Monetary Policy and TIPS Yields Before the Crisis
Gerlach, Stefan; Moretti, Laura - Center for Financial Studies - 2011
We make three points. First, the decade before the financial crisis in 2007 was characterized by a collapse in the yield on TIPS. Second, estimated VARs for the federal funds rate and the TIPS yield show that while monetary policy shocks had negligible effects on the TIPS yield, shocks to the...
Persistent link: https://www.econbiz.de/10009293136
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Lessons for monetary policy: What should the consensus be?
Issing, Otmar - Center for Financial Studies - 2011
This paper outlines important lessons for monetary policy. In particular, the role of inflation targeting, which was much acclaimed prior to the financial crisis and since then has not lost much of its endorsement, is critically reviewed. Ignoring the relation between monetary policy and asset...
Persistent link: https://www.econbiz.de/10010958514